Climate Impact Fintech Doconomy Raises $37 Million to Help Consumers Make Sustainable Choices

Swedish impact fintech company Doconomy announced today that it has raised €34 million (USD$37 million) in a Series B funding round, with proceeds from the financing aimed at expanding the capabilities of its solutions that help consumers make more sustainable choices.

Founded in 2018, Doconomy has developed tools for banks to drive climate action and well-being, by enabling users to make environmentally sustainable financial decisions, and helping consumers to measure and understand the environmental impact of their transactions, enabling more sustainable choices.

Doconomy’s solutions include “Impact Transactions,” a carbon footprint tool that converts financial transactions into real-world environmental footprint by measuring their CO2 impact, “Impact Finance,” a goal-based savings solution targeting improved financial wellbeing and sustainable behaviors, “Impact Activity a self-assessment tool that gives individuals direct clarity on their total environmental footprint, and “Impact Education,” providing content and tangible tools to help reduce users’ climate footprint.

Mathias Wikström, Doconomy CEO and Co-Founder, said:

“Doconomy works to help build a world where sustainability is the norm – and accessible to all. We want to make every transaction count by empowering everyone to play their part in tackling the climate crisis.”

The round was co-led by UBS Next, the venture and innovation arm of UBS, and existing investor CommerzVentures, a venture capital firm specializing in climate fintech. S&P Global joined the round as a new investor along with existing investors Motive Ventures, PostFinance and Tenity.

Doconomy said that it will use the new capital to fuel its expansion in North America, as well as supporting the enhancement of its product suite.

Michael Baldinger, Chief Sustainability Officer of UBS, said:

“UBS Next’s investment in Doconomy underscores our focus on fostering innovation to provide the data and actionable insights our clients need to make informed choices about their investments and effect the change they want to see.”